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off inflation
had appreciated slightly since the regulator's last monthly meeting, although it remained susceptible to pressure from high inflation.
In recent years, as the lari began to depreciate, the regulator stepped in frequently to alter the exchange rate in order to boost the local currency. In early 2016, the rate was as high as 8%, though the central bank gradually eased it to 6.5% over the following year, only to increase it again in three consecutive interventions due to inflation that was above its target of 5%.
In December last year, annual consumer price inflation stood at 6.7%, according to the country's statistics agency. It has decreased to 2.8% in March and is expected level off in the coming months.
8.3 Stock market
The GSE recorded a turnover value of GEL111,530 in January this year, declining from GEL 275,472 in December. The highest turnover value of GEL4,163,201 was seen in May.
34 GEORGIA Country Report June 2018 www.intellinews.com